After a spectacular reorganization and recovery over the past few years, Vulcabras Azaleia is going public again, pricing the 68,420,000 shares offered at R$9.50 each by institutional investors in order to raise net proceeds of R$550 million ($168.8 mm). The total proceeds may increase by R$71.8 million ($22.0 mm) if an over-allotment option for a further 7,894,000 shares is exercised through a secondary offering by Nov. 28. The price is in the middle of the range of R$8.50 to R$10.50 that had been set last month by institutional investors.

In the third quarter ended Sept. 30, the group’s net profit was ... Log in to view full article.